The tariff refund boost is non-recurring — strip it out and underlying adjusted EPS was ~$0.42, still above consensus but less dramatic. The revenue miss and lowered top-line guidance are the real signals; watch Q2 for demand trajectory, especially if International Contract order strength (+17.9% organic) converts to billings.
Price Chart
Executive Summary
MillerKnoll reported Q1 FY2027 adjusted EPS of $0.53, well above the $0.35 consensus estimate, driven by a $0.11 per share benefit from tariff refunds. However, net sales declined 3.4% YoY to $923.4M, missing the $943.3M consensus, and the company lowered its full-year FY2027 revenue guidance to $3.88B-$4.03B from $3.93B-$4.13B, reflecting softer demand. The beat was largely non-operational, masking underlying revenue weakness and margin pressure in the Contract segments.
Key Financial Metrics
Key Facts
- Q1 FY2027 net sales of $923.4M, down 3.4% YoY and below $943.3M consensus
- Adjusted EPS of $0.53 beat consensus of $0.35 by 51.4%, but included $0.11 from tariff refunds
- GAAP EPS of $0.38 vs $0.29 YoY, up 31%
- Full-year FY2027 revenue guidance lowered to $3.88B-$4.03B from $3.93B-$4.13B; adjusted EPS guidance maintained at $1.85-$2.15
- Orders grew 3.2% YoY to $913.9M, a positive sequential signal after Q4's 6.3% decline
- North America Contract sales fell 5.3% YoY; International Contract sales fell 6.4% YoY; Global Retail grew 2.6% YoY
- Operating cash flow improved to $49.1M from $9.4M YoY; net debt-to-EBITDA improved to 2.75x from 2.80x
- Q2 FY2027 adjusted EPS guidance of $0.43-$0.49 vs consensus $0.45
Financial Impact
EPS beat of $0.18 vs consensus ($0.53 vs $0.35) but revenue miss of ~$20M ($923.4M vs $943.3M); full-year revenue guidance cut by ~$75M at midpoint
Risk Factors
- Revenue decline in two of three segments signals softening end-market demand
- Full-year revenue guidance cut implies management sees continued headwinds
- Tariff refund benefit ($0.11/sh) is non-recurring; future quarters face $0.07/sh Canada tariff headwind
- International Contract operating margin compressed 390 bps YoY to 4.6%
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000066382-26-000150 |
| Document: mlkn-20260922.htm | 0000066382-26-000150 |
| Document: 0000066382-26-000150-index-headers.html | 0000066382-26-000150 |
| Document: 0000066382-26-000150-index.html | 0000066382-26-000150 |
| Document: 0000066382-26-000150.txt | 0000066382-26-000150 |
| 8-K Data (Synthetic) | 0000066382-26-000150 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $20.22 | awaiting T+20 | — | $21.07 (+4.20%) |
Oct 13, 2026 13d ago | 8-K | $21.10 | awaiting T+20 | — | $21.07 (−0.14%) |
Sep 22, 2026 4w ago | 8-K | $20.29 $21.27 | ▲ +4.81% | ▲ +5.37% | $21.07 (+3.84%) |
Sep 22, 2026 4w ago | Press Release | $20.29 $21.27 | ▲ +4.81% | ▲ +5.37% | $21.07 (+3.84%) |
Aug 28, 2026 8w ago | DEFA14A | $22.59 $19.96 | ▼ −11.64% | ▼ −11.45% | $21.07 (−6.73%) |
Jun 24, 2026 17w ago | 8-K | $19.31 $21.46 | ▲ +11.13% | ▲ +10.61% | $21.07 (+9.11%) |
US Market Status
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